Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Invesco S&P MidCap Quality ETF
$114.68+0.49 (+0.43%)
- 0.30%
- $5.4B
- +12.3%
- 0.57%
- 0.2M sh
- $114.19
- low $97.49high $119.99
The ETF.net XMHQ Grade
B
Score 65 out of 100
- 7 of 26
Score 65 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B56 out of 100Rank 12 of 26Mission
Whether the fund did what it promised, tested against its stated mandate.A84 out of 100Rank 5 of 19Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D35 out of 100Rank 20 of 26Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A78 out of 100Rank 4 of 26Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B64 out of 100Rank 10 of 26Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A83 out of 100Rank 3 of 26
Our read on XMHQ
BQuality investing usually means mega-caps. XMHQ runs the same S&P profitability screen down in the MidCap 400, holding about 80 of the highest-scoring names and reshuffling twice a year.
The Fund tracks the S&P MidCap 400 Quality Index and invests at least 90% of its total assets in securities connected to that index.
Why people hold it
- The mid-cap specialist on a shelf of large-cap quality funds: the same S&P quality screen behind SPHQ, pointed at the MidCap 400 instead of the 500.spglobal.com
- Quality is defined, not vibes. Stocks are ranked on return on equity, accruals and financial leverage, the top 80 make the cut, and the list is refreshed each June and December.spglobal.comspglobal.cominvesco.com
- A multi-billion-dollar fund that tracks its index closely and pays distributions quarterly: the plumbing behind the strategy is boring in the good way.
- Trading in the fund is steady enough for routine retail-sized orders, and it sits in the upper half of the US quality-factor group on our review.
Worth knowing
- Costs 0.31% a year, a bit above the typical quality-factor fund and roughly double the cheapest large-cap options (JQUA at 0.12%, QUAL at 0.15%).
- Mid caps move harder than mega caps, and with about 80 names one stumble carries more weight than it would in a 500-stock index.spglobal.com
- The S&P quality index only took over in June 2019; the record before that came from a different, equal-weighted mid-cap strategy under the same ticker.invesco.com
XMHQ Holdings
- Stocks
- 82
- 30%
- FTI
Sectors
- Industrials29.6%
- Technology17.7%
- Financials16.2%
- Health Care14.5%
- Consumer Discretionary10.0%
- Energy7.7%
- Materials1.9%
- Communication1.4%
- Consumer Staples1.0%
Geography
- United States92.84%
- United Kingdom4.11%
- Bermuda2.05%
- Sweden0.99%
XMHQ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
XMHQ$11,230
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | XMHQ |
|---|---|
| Year to date | +12.0% |
| 1 month | −0.4% |
| 3 months | +0.9% |
| 1 year | +12.3% |
| 3 years | +14.9% |
| 5 years | +10.3% |
| 10 years | +12.9% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | XMHQ |
|---|---|---|
| 2026 YTD | +12.0% | |
| 2025 | +4.7% | |
| 2024 | +16.8% | |
| 2023 | +29.5% | |
| 2022 | −12.4% | |
| 2021 | +21.0% | |
| 2020 | +26.6% |
XMHQ in the news
XMHQ Dividends
- 0.57%
- $0.66
- $0.15 per share
- Quarterly
Distribution history
XMHQ Risk
- 16.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.60
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −25.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.98
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
XMHQ Cost
0.30%
XMHQ0.30%
- The middle half of US Quality Index funds
- Median 0.39%
11 of the 26 US Quality Index funds charge less.
Other funds in US Quality Index
- AVFQYVanguard U.S. Quality Factor ETFExpense ratio 0.13%1 year return +20.5%
- BSEIQSEI QiM U.S. Large Cap Quality Active ETFExpense ratio 0.15%1 year return +13.4%
- BDUHPU.S. High Relative Profitability Portfolio ETF Class SharesExpense ratio 0.24%1 year return +15.7%
- BSQLTiShares Trust - iShares MSCI USA Small-Cap Quality Factor ETFExpense ratio 0.20%1 year return —
- BVFLOVictoryShares Free Cash Flow ETFExpense ratio 0.44%1 year return +46.5%